The company also announced strategic investments in the Swiss bank Fiat24

SafePal wallet team releases upgrade with support for bitcoin NFTs and banking gateway

07.03.2024 - 13:35

103

3 min

What’s new? The developers of SafePal, a decentralized crypto wallet integrated with the Binance crypto exchange, have unveiled upgrade 4.5.0, which adds support for non-fungible tokens (NFTs) based on the bitcoin blockchain. The new version also introduces a banking gateway and the ability to bind a virtual Visa crypto card.

Source: Twitter.com

What else is known? The banking gateway and Visa card will be implemented first in selected regions of Europe and then expanded to the entire continent and other countries (excluding the US and countries under US sanctions).

The new services are being launched as part of SafePal’s strategic investment in Swiss bank Fiat24. The wallet’s team clarified that under the regulations of the local financial regulator FINMA, login details for the services will only be available to individual units of Fiat24. Fiat accounts will also be managed separately by the bank to maintain decentralization and anonymity.

Eligible users will be able to open individual Swiss bank accounts in their own name without any account creation or annual management fees, use cryptocurrency for daily expenses, and make transfers from other bank accounts. Visa Virtual Cards supports third-party payment platforms such as Paypal, Google Pay, Apple Pay, and Samsung Pay.

Once bank accounts are created in the SafePal mobile wallet, the credentials will be issued in NFT format on Arbitrum’s Layer 2 (L2) network based on the Ethereum blockchain. All transactions will be recorded on the blockchain, guaranteeing immutability and transparency.

As the default deposit cryptocurrency, the wallet uses USDC stablecoins from the Circle issuer. Users can exchange cryptocurrencies from over 40 blockchains for USDC on the Arbitrum network to send funds to bank accounts via the mobile wallet, followed by conversion to fiat, including dollar, euro, and Swiss franc.

SafePal bank account holders can receive discounts on deposit fees and other bonuses by completing various tasks.

In line with its global expansion strategy, SafePal and Fiat24 also plan to roll out Mastercard services in Q3 of this year.

Following the upgrade announcement, the SFP native token rose by 8% to reach $0,793295, but then partially corrected to $0,7844.

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